Act Daily News
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Bed Bath & Beyond misplaced a 3rd of its gross sales in the course of the vacation run-up and is working out of choices to keep away from chapter.
The retailer mentioned Tuesday that internet gross sales fell 33% to $1.3 billion throughout its newest quarter ending November 26 in contrast with the identical stretch a 12 months in the past. It misplaced $393 million in the course of the quarter, a 42% enhance from a 12 months in the past.
Last week, Bed Bath & Beyond issued a grim message about its future, warning {that a} chapter submitting is a doable consequence for the corporate.
There is “substantial doubt about the company’s ability to continue” due to its worsening monetary state of affairs, the house items chain mentioned in a regulatory submitting Thursday.
The firm added that it’s exploring strategic options, together with restructuring its debt, searching for extra money, promoting property and submitting for chapter.
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